The Colorado-based buyer of Portland's Kettleman Bagel Co. said it would review all available alternatives to "maximize shareholder value." Its chief executive declined to comment further, saying the company is just beginning the process.

Einstein Noah also released first-quarter financial results Friday, sending shares up 19 percent to $16.71 by the close of market.

It's lined up investment bank Piper Jaffray to review its market options. Hedge fund Greenlight Capital owns a 64 percent stake and would ultimately control the outcome of the process.

But it hasn't affected plans to expand in the Portland and Seattle markets. The company considers the Pacific Northwest a good fit for its Einstein Bros. Bagel brand and its increasingly health-oriented menu, chief financial officer Manny Hilario said.

Einstein Noah profits totaled $3.2 million, or 19 cents a share, in the quarter ended April 3. That compares with $1.2 million, or 7 cents a share, during the same period last year. Sales climbed 3.6 percent year-over-year to $104.9 million. It plans to issue a 12.5-cent dividend per share.

The brand pegs much of its future expansion on licensed outlets at places such as colleges and airports, with plans to open as many as 54 restaurants yet this year.

But it plans to expand its Portland and Seattle footprint through company-owned and franchised restaurants. Executives have identified sites for future spots both in Portland and Seattle, Hilario said.

The brand now operates 13 restaurants in Oregon, including the lone remaining Kettleman Bagel shop on Southeast 11th Avenue. That's set to transition to Einstein Bros. by May 15, with a grand opening slated for May 18.